Beal Bank USA Review: Savings, CDs, Money Market and IRA CDs

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Written By

Updated on Sunday, November 1, 2020

Beal Bank USA is based in Las Vegas and offers products meant to help you set aside money for a rainy day or when you retire. Though it has 21 physical branches in the U.S., the bank doesn’t have checking accounts, debit cards, ATMs or loan products.

The only way to access your cash is by writing a check — so if you’re looking for a place to do most of your banking, Beal Bank USA or its nearly identical partner company Beal Bank may not be the best choice. But if you’re looking for an account that you can use for short-term or long-term savings, then read on to find out what we think about Beal Bank USA’s savings, CD, money market and IRA CD accounts. You’ll need to contact the bank or visit its website to find current rates.

Beal Bank USA’s savings account options

Statement Savings

This savings account offers a lot of hassle and little benefit to customers.
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $500
  • Quarterly account maintenance fee: $3 (this can be waived)
  • Overdraft fee: None

The statement savings account is pretty bare-bones — just a place to park your money. If all you’re looking for is a place to stash short-term savings, it’s an option especially if you don’t want to be tempted to take your cash out immediately.

Right now, the only way to take out money is via check, wire transfer or electronic transfer. Beal Bank USA does not originate electronic transfers on its end; rather, you have to do it via an external account. Customer representatives told us that you’ll need to call Beal Bank USA at (877) 879-2325 so the bank can give you further instructions — essentially, you’ll need to go through an external bank so that you can request money from your Beal Bank USA account. However, Beal Bank USA can accept deposits via electronic transfers.

If you want to withdraw money using wire transfer, you’ll have to do so in writing by providing information such as your account number and how much you want to take out. Beal Bank USA does charge you for this service — $15 for domestic and $60 for international wires.

Regulation D allows you up to six certain withdrawals per month without penalty by the bank, but Beal Bank USA also limits you to nine per quarter. Once you exceed that limit, you’ll need to pay $1 for each withdrawal. As for the quarterly maintenance fee, Beal Bank USA won’t charge you if you maintain a minimum daily balance of $500.

How to get the Statement Savings account

If you’re at least 18 years old and a U.S. citizen, you can apply for a statement savings account by filling out an online application form. First, enter in personal details like your name and Social Security number, then agree to Beal Bank USA’s disclosures. After verifying your identity, you’ll need to make your initial opening deposit via check, electronic or wire transfer.

SEE DETAILS Secured

on Beal Bank USA’s secure website

magnifying glass

How Beal Bank USA’s savings account compares

Unfortunately, there are quite a few strikes against using this account. From the limitations on how one can make withdrawals, to the fees charged for doing so, it seems like a bit of a hassle to access your money. Other online competitors like the ones on our list of the best online savings accounts offer much more convenient ways to withdraw or transfer funds.

Beal Bank USA’s CD rates

Certificates of Deposit

The early withdrawal penalty seems rather complicated.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If your CD term is a year or less, you’ll be penalized 1% of the amount you withdraw or half of the replacement cost, whichever is greater. If your CD term is more than a year, you’ll be penalized 1% of the amount you withdraw or the replacement cost, whichever is greater. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

These fixed-rate CDs offer a guaranteed rate of return, assuming you keep all the money in the account until maturity. Any interest earned is compounded and deposited into your CD each quarter.

The early withdrawal penalty seems to be a bit confusing, so here’s a quick example:

Say you want to withdraw $10,000 on your 24 month CD one year in. The bank determines the replacement cost to be $200. One percent of $10,000 is $100, so your early withdrawal penalty would be $200, since that amount is greater.

When the CD matures, your account will automatically be renewed, unless you make changes in writing within the 10-day grace period. Changes you can make include making withdrawals, additional deposits and renewing for another term.

How to get Beal Bank USA’s CDs

You can apply for an account using Beal Bank USA’s online application form if you’re a U.S. citizen and at least 18 years old. First, fill in your personal information such as your name and Social Security number. Select the term you want and agree to Beal Bank USA’s disclosures. Once you verify your identity, you can fund the account via check, electronic or wire transfer.

SEE DETAILS Secured

on Beal Bank USA’s secure website

magnifying glass

How Beal Bank USA’s CD rates compare

We like that there are a variety of terms for Beal Bank USA’s CDs, which are pretty comparable with other products out there — however, the early withdrawal penalty seems a bit confusing to us. So if that’s going to be an issue for you, it’s probably best to look for alternatives, like the ones on our list of the best CD rates.

Beal Bank USA’s money market account option

Money Market

The monthly maintenance fee seems a bit steep, but you can get it waived.
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $10 (this can be waived)

Just like the savings account, you can only access your money in Beal Bank USA’s money market account via check or through an electronic or wire transfer. If you want to make a transfer to an external account, you have to call customer service at (877) 879-2325 to receive instructions on how to do so. Customer representatives told us it’s pretty much the same as what you would do with the savings account — you’ll have to initiate a withdrawal from Beal Bank USA from your external bank account.

There is a $10 monthly maintenance fee, but Beal Bank USA won’t charge you if you maintain a $1,000 daily minimum balance. When making certain withdrawals, keep in mind that Federal Reserve Regulation D limits you up to six per month without penalty imposed by the bank. Beal Bank USA will charge you $10 per excessive withdrawal.

How to get Beal Bank USA’s money market account

Opening a money market account can be done online by filling out an application form through Beal Bank USA’s website. You’ll be asked to provide personal details such as your name and Social Security number, and then a way to fund the account.

SEE DETAILS Secured

on Beal Bank USA’s secure website

magnifying glass

How Beal Bank USA’s money market account compares

Beal Bank USA’s money market account requires a pretty low opening deposit amount compared to the some listings on our collection of the best money market accounts, but you won’t be able access your money as easily. Some online competitors do offer some ATM access, and may have a more convenient way to access funds — so if that’s important to you, then go elsewhere. Otherwise, this account isn’t too shabby.

Beal Bank USA’s IRA CD rates

IRA CDs

These accounts could be a good conservative investment option.
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: If you have a CD term that’s a year or less, you’ll need to pay 1% of the amount withdrawn or half of the replacement cost, whichever is the larger amount. If you have a CD term that’s more than a year, you’ll need to pay 1% of the amount withdrawn or the replacement cost, whichever is more. The replacement cost is based on how much it would cost the bank to replace the money you take out, based on your remaining term and current market rates.

The IRA CD offers pretty much the same terms as their regular CDs — although you’ll need to contact Beal Bank USA for a list of its current rates, since they’re not advertised on the website. What we do know is you’ll be offered a guaranteed rate of return if you keep everything in the account until it matures. Interest you earn is compounded and credited quarterly to the account.

Like the regular CDs, the early withdrawal penalty differs depending on how much you take out and how much time until the account matures. Let’s say you take out $1,000 and you still have 24 months until maturity. The bank determines the replacement cost to be $40 based on its calculations, and 1% of $1,000 is $10. Your early withdrawal penalty will be $40 because that amount is greater. There may also be IRS penalties on top of this amount.

Your IRA CD will automatically renew unless you make changes by writing to Beal Bank USA within its 10-day grace period. These changes include making additional deposits, withdrawals or renewing for a different term.

How to get Beal Bank USA’s IRA CDs

If you’re at least 18 years old and a U.S. citizen, you can contact Beal Bank USA by calling customer service at (877) 879-2325 to open an account or email them through its secure contact form. If you email the bank, you’ll need to provide your contact information so a customer service representative can contact you. For either option, you’ll need to provide information such as your name and Social Security number.

SEE DETAILS Secured

on Beal Bank USA’s secure website

magnifying glass

How Beal Bank USA’s IRA CD rates compare

What we like about Beal Bank USA’s IRA CD is that their minimum opening deposit requirements don’t seem that high compared to other places, which is helpful if you don’t have a lot to invest. However, just like the regular CDs, the early withdrawal penalties appear confusing, so we recommend contacting the bank to ask about them and doing some shopping around for other IRA CDs before deciding if these accounts are the best for you.

Overall review of Beal Bank USA’s banking products

Both the money market and savings account don’t make it easy to withdraw money. Making an electronic transfer is a bit of a hurdle, but customer service seems responsive, so it may not take you that long. We also like some of the shorter terms for the regular CDs, so that’s another account to consider.

Overall, these accounts are pretty bare bones and could be worth it if you’re not interested in the bells and whistles other banks offer. However, we still recommend shopping around, since we don’t believe that any of these accounts are good if you’re looking for an account to do your regular transactions.